Hospital Lighting Market - Emerging Trends & Global Future Forecasts

Advantages of LED lighting over conventional lighting to drive the global hospital lighting market to reach USD 7.03 billion by 2022

(EMAILWIRE.COM, June 14, 2021 ) The increasing adoption of LED based lighting products and increasing number of hospital in emerging economies are the key factor driving the market growth. Moreover, increasing government support to energy efficiency program for hospitals is contributing to the growth of market.

Hospital Lighting Research Market is segmented based on technology, products, applications and region. On the basis of technology, the market is segmented into fluorescent, LED, renewable energy and other technologies fluorescent technology segment is expected to account for the largest share of the market in 2016. Factors such as, cheaper cost and low operational cost are driving this market.

Based on product, market is segmented into troffers, surface-mounted lights, surgical lights and other products. Troffers segment is expected to account for the largest share of the market during the forecast period. Growth in this segment is driven by factor such as increasing adoption of LED based troffers in hospitals globally.

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On the basis of applications, the hospital lighting market is classified into patient wards & ICUs, examination rooms, surgical suites and other applications. In 2016, the patient wards & ICUs segment is expected to account for the largest share of the market. This large share can be attributed to increasing number of hospitals in emerging countries such as India and China.

The global hospital lighting market is segmented into four major regions North America, Europe, Asia, and Rest of the World. In 2016, North America is expected to account for the largest share of the market, followed by Europe. North America will continue to dominate the market in the forecast period due to ample government support and utility funding in order to promote energy efficiency projects and to support the modernization of hospital lighting industry. However, the market in Asia is expected to witness the highest CAGR, with the growth centered on China, Japan, and India.

The Hospital Lighting Research Market is consolidated in nature due to the presence of a few large players. The prominent players in the market include are General Electric Company (U.S.), Acuity Brands Lighting Inc. (U.S.), Cree Inc. (U.S.), Eaton Corporation PLC (Ireland), Hubbell Incorporated (U.S.), Koninklijke Philips N.V. (Netherlands), and Zumtobel Group AG (Austria). Other players in this market include Herbert Waldmann GmbH & Co. KG (Germany), KLS Martin Group (Germany), and Trilux Lighting Ltd (U.K.).

The key strategies followed by most companies in the hospital lighting market are product launches. The key players such as Acuity Brands Lighting Inc. (U.S.), Eaton Corporation PLC (Ireland), and Koninklijke Philips N.V. (Netherlands) are the leading manufacturing companies that adopted this strategy to expand their existing product portfolios and enhance their presence in the market.

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